Workflow Management System Market – Industry Trends

Definition: Global Workflow Management System

The workflow management system (WMS) is a piece of software that provides an infrastructure to setup, execute, and monitor scientific workflows. It also refers to integration of workflow systems, and applications which ensures integration of programs and people in the framework of a defined business process. Workflow management is advantageous over traditional workflow management as it provides cost savings, intangible benefits, and hidden savings. The increased focus on streamlining business processes, achieving cost-efficiency through workflow management among others is boosting the growth of this market.

Market Analysis: 

The global workflow management system market accounted for USD 3.4 billion in 2016 growing at a CAGR of 22.6% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Major Market Drivers & Restraints:
  • Increased Focus on Streamlining Business Processes
  • Achieving Cost-Efficiency Through Workflow Management
  • Increased Access to Information
  • Difficulty in Integrating New and Legacy Systems Through Workflows
  • High Implementation Costs

Segmentation:  Workflow Management System

The global workflow management system market is segmented on the basis of software into production workflow systems, messaging-based workflow systems, web-based workflow systems, suite-based workflow systems and others.
On the basis of service, the global workflow management system market is segmented into IT consulting, integration & implementation, training & development.
On the basis of deployment, the global workflow management system market is segmented into cloud and on-premises.
On the basis of vertical, the global workflow management system market is segmented into Banking, financial services & insurance (BFSI), public sector, healthcare, energy & utilities, retail, IT & telecom, travel & hospitality, transportation & logistics, education and others.

Market Competitors:  Workflow Management System

IBM Corporation
Oracle
Newgen Software Inc.
Bizagi
Nintex Global Ltd
Pegasystems Inc.
FUJISTU
TIBCO Software Inc.
PNMsoft Ltd
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